President Lee: "Reviewing Funding Options Including Sports Fund for Large-Scale K-pop Arena Construction"

"A 50,000-Seat Dedicated K-pop Concert Venue Is Needed"

President Lee Jae-myung. Photo by Yonhap News

President Lee Jae-myung reviewed the current status of expanding K-pop concert venues and the construction of large-scale arenas, stating that it is necessary to consider the possibility of utilizing the National Sports Promotion Fund as one of the funding options.

On December 16, during a work report by the Ministry of Culture, Sports and Tourism, the Cultural Heritage Administration, and the Anti-Corruption and Civil Rights Commission held at the Government Sejong Convention Center, President Lee asked about specific implementation plans related to the expansion of K-pop concert venues.

Choi Hwiyoung, Minister of Culture, Sports and Tourism, said, "In the short term, we plan to supplement sound and lighting to enable performances at local sports facilities," adding, "If the Seoul Arena, Goyang Arena, and the affiliated venues being promoted by local governments proceed without delays, they are expected to be completed between 2027 and 2028." He continued, "In the long term, we are also considering establishing a dedicated concert venue with a capacity of 50,000 seats for K-pop performances."

Regarding the Goyang Arena project, Minister Choi explained, "A new operator has been selected, and global concert promoter Live Nation will be in charge of operating the venue," adding, "CJ has decided to forgo its previously invested costs and has completely withdrawn from the project."

During the work report, the possibility of utilizing the National Sports Promotion Fund as a source of funding for large-scale arena projects was also discussed. The National Sports Promotion Fund accumulates more than 2 trillion won annually, of which about 1.7 trillion won is used for sports-related projects and about 50 billion won is allocated for operating expenses.

Choi Hwiyoung, Minister of Culture, Sports and Tourism. Photo by Yonhap News

President Lee pointed out that if land development costs are included in the construction of a large-scale arena, the total expenditure could exceed 2 trillion won. Minister Choi explained, "The project structure may vary depending on site selection and the level of cooperation from local governments."

Minister Choi, based on internal opinions from the Korea Sports Promotion Foundation, stated, "If surplus funds are secured, we can also consider utilizing the fund," but added, "Various funding methods are possible, such as attracting private investment and promoting the project through a consortium."

In response, President Lee said that it is necessary to comprehensively review the overall funding structure for the construction of the large-scale arena, keeping the possibility of utilizing the fund as one of the options.

This content was produced with the assistance of AI translation services.